SOURCE: ReadSoft North America

May 02, 2008 15:22 ET

Research Shows Accounts Payable Automation Generates Bottom-Line Savings

NEW ORLEANS, LA--(Marketwire - May 2, 2008) - A new study by the Aberdeen Group, sponsored by Document Process Automation provider ReadSoft, finds that best-in-class enterprises exhibit 83% lower invoice-processing costs by utilizing accounts payable (AP) automation solutions.

The E-Payables: Imaging and Workflow report features benchmarks of AP automation, the initial stages of the AP process, invoice receipt and workflow management. Leveraging the insights of more than 200 executives, Aberdeen found that integrating AP automation solutions with existing IT systems pose the greatest challenge to paper removal. As a result, forty-four percent of enterprises do not utilize any electronic invoicing solutions. Enterprises that automate invoice receipt and workflow management demonstrate significantly lower invoice-processing costs and cycle times, while improving visibility and control over spend and reducing regulatory compliance risks.

"More than ten years of experience with electronic invoice processing has allowed ReadSoft to produce the most powerful and popular system on the market," said Bob Fresneda, President of ReadSoft North America. "Our ERP-certified solutions have proven to be a highly profitable investment for enterprises around the globe who wish to automate imaging and workflow inside of ERP systems like SAP and Oracle E-Business Suite."

ReadSoft creates software for document process automation including processes such as data entry, information verification, document workflows and e-invoicing. Its solutions dramatically strengthen the four pillars of accounts payable optimization: efficiency, cycle time, control and visibility.

Seeking to deliver value and drive transformation of AP from a tactical, back-office function to one that delivers strategic and bottom-line value, enterprises are leveraging automation to drive out paper and error-prone processes. According to the benchmark report by the Aberdeen Group, enterprises are increasingly turning to automation in their quest to eliminate paper from their AP departments.

"There is more to AP automation than just cost savings; imaging and workflow management solutions promote compliance with business controls allowing AP staff to focus on more strategic tasks," said Amit Gupta, research analyst, Aberdeen. "Enterprises that have adopted various flavors of e-payables solutions have transformed the AP function to a source of competitive advantage, supporting business planning and decision making."

Best-in-Class enterprises are excelling in many performance metrics, and demonstrate the following AP performance benefits by utilizing automated solutions:

--  Invoice-processing costs 83% lower than all other enterprises
--  Invoice-processing cycle times are 80% faster than their peers
    

The E-Payables: Imaging and Workflow report recommends that enterprises should start with a centralized shared services model for AP operations and adopt an imaging solution with OCR technology to manage paper-based invoices that are delivered via postal mail, fax or e-mail. A complimentary copy of this report is made available due in part by ReadSoft; to obtain a complimentary copy of the report, visit: http://www.aberdeen.com/link/sponsor.asp?spid=30411139&cid=4663.

About Aberdeen Group, a Harte-Hanks Company:

Aberdeen is a leading provider of fact-based research and market intelligence that delivers demonstrable results. Having benchmarked more than 30,000 companies in the past two years, Aberdeen is uniquely positioned to educate users to action: driving market awareness, creating demand, enabling sales, and delivering meaningful return-on-investment analysis. As the trusted advisor to the global technology markets, corporations turn to Aberdeen™ for insights that drive decisions.

As a Harte-Hanks Company, Aberdeen plays a key role of putting content in context for the global direct and targeted marketing company. Aberdeen's analytical and independent view of the "customer optimization" process of Harte-Hanks (Information - Opportunity - Insight - Engagement - Interaction) extends the client value and accentuates the strategic role Harte-Hanks brings to the market. For additional information, visit Aberdeen http://www.aberdeen.com or call (617) 723-7890, or to learn more about Harte-Hanks, call (800) 456-9748 or go to http://www.harte-hanks.com.

About ReadSoft:

ReadSoft is the global leader in the development and sales of a complete product platform for Document Process Automation. With thousands of customers on a global basis, ReadSoft supports customers and partners in North America with offices in 7 locations, including the corporate headquarters in New Orleans, LA.

Established in 1991, ReadSoft was first to bring free form technology for invoice processing to market and first to achieve certifications to enterprise resource planning systems such as SAP and Oracle. ReadSoft has become the global technology leader, with operations in 16 countries and partners in an additional 70. We are proud to have the largest and most innovative development department in the industry, with professional services to assist customers and partners on a global basis. ReadSoft's vision is to free businesses everywhere from manual document handling. For more information please visit www.readsoft.com.

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